Gianni Franco Papa is the new CEO of Bper, while Fabio Cerchiai is chairman.

This was decided by the institution's board of directors appointed today by Bper's shareholders' meeting.

Papa, a former UniCredit executive and former member of Bper's board, was nominated by Unipol, the bank's main shareholder, to replace Piero Montani at the helm of the institution.

The new board, a note said, is composed of 15 members, seven of whom are drawn from Unipol's list, five from that of the Fondazione di Sardegna and three from that of the funds.

Antonio Cabras, drawn from the Fondazione di Sardegna list, was appointed vice chairman.

(Andrea Mandalà, Gianluca Semeraro, editing Claudia Cristoferi)